OnCard International (ASX:ONC) should trade firmer after advising that it will use surplus funds from a recent asset sale to undertake an off market share buy-back under an equal access scheme.
This action would replace the previously announced intention to return the surplus funds by way of a reduction of share capital.
Under the proposed buy-back, which is subject to shareholder approval, Oncard will offer to buy back 95% of each shareholder’s shares at $0.22 each.
Oncard plans to hold a general meeting to approve this proposed buy-back in the week beginning 25 May 2015, with completion before 30 June 2015.
Taverners Group, which holds over 32% of the issued shares in Oncard, has confirmed that it will vote in favour of the buy-back.
Oncard is currently capitalised at $36 million, and was trading at $0.205 prior to today's announcement.
News: Oncard International to initiate share buyback with surplus funds
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0.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $2.185M | |||
| Open | High | Low | Value | Volume |
| 0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1951838 | 0.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 0.6¢ | 650223 | 3 |
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